2010 (12) TMI 1316

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....d circumstances of the case and in la, the order of the CIT(A) is wrong, perverse, illegal and against provisions of law which is liable to be set aside.   2. On the facts and in the circumstances of the case, the Ld.CIT(A) has erred in deleting addition made of Rs. 8,25,000 under section 68 of the Income Tax Act, 1961, when the department has clearly established that these transactions were accommodation entries and the genuineness and creditworthiness of the persons could not be proved.   3. On the fats and in the circumstances of the case, the CIT(A) has erred in deleting the addition of Rs. 16,500 made on account of unexplained experience.   2. Ground no.1 is general and need not be adjudicated. &nbsp....

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....A-2401 maintained with Vijaya Bank, Ansari Road, New Delhi revealed that there was an immediate credit entry of Rs. 3 lakhs in the said account on 8.12.2008, when the credit balance in the said account was merely Rs. 5183; that only after this credit entry had been made on identical amount of Rs. 3 lakhs was paid to the assessee company; that further there was an immediate credit entry of Rs. 1631460 on 13.12.2000 in the said bank account and on 14.12.2000, this amount was disbursed to three entities; that an amount of Rs. 2 lakhs had been shown to have been cleared on the said date; that in fact, the bank statement of this concern also did not contain more than 25 entries for the entire year, FY 2000-01, which were ordinarily in the nature....

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....being mere cheque transactions do not absolve the assessee, Ld.DR has placed reliance on the following decisions: 1. Decision of the 'B' Bench of the Tribunal dated 31.12.2009 in the case of Dhingra Global. 2. Indus Valley Promoters Ltd. vs. CIT, 305 ITR 202 (Del.) 3. 210 CTR 185 (P&H) ....(page no. incorrect) 4. CIT vs. Kundan Investment Ltd., 263 ITR 626 (Cal.) 5. Beautex (India) (P.) Ltd. vs. ITO, 34 SOT 465 (Del.)   Ld.DR also relied on the following decisions in this regard:   1. Mangilal Jain vs. ITO, 315 ITR 105 (Mad.) 2. CIT vs. Precision Finance Pvt. Ltd., 208 ITR 465 (Cal.)   7. On the other hand, Ld.Counsel for the assessee strongly supported the ....